Boeing investors are focused on the company making money again after a tough few years, but they should be asking instead when Boeing will have a new airplane design and start making airplanes again, writes Jon Sindreu for The Wall Street Journal.

Its last 747 was rolled out earlier in December.

In November, Boeing Chief Executive David Calhoun indicated no new commercial designs would be produced until at least the mid-2030s.

Since 2019, Boeing has seen its 737 MAX grounded, its 787 deliveries suspended, supply chain issues, uncertainty about China, and defense contract uncertainties.

Boeing shares have outpaced the S&P 500 index in the last three months. Orders for Boeing’s existing portfolio are high.

Even so, Europe’s Airbus is outpacing Boeing in orders and deliveries and can make the 737 MAX obsolete by simply retrofitting a new composite wing for its elongated A321.

Without a new airplane design, Boeing engineers could find themselves struggling to respond.

A new airplane design does cause aerospace stocks to underperform during development and could use up Boeing’s $30 billion in free cash flow expected between 2023 and 2026.

But Wall Street needs to remember that Boeing isn’t just a cash cow, but a company that can deliver cutting-edge products. 

Read more about Boeing’s future in The Wall Street Journal,

The final Boeing 747 leaves the factory.